11-23-12

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ISSUE HIGHLIGHTS Volume 24 Issue 22 Nov. 23 - Dec. 6, 2012 GeoGenix installs solar PV system for Trans World Marketing

To occupy 77,000 s/f at the Mellon Independence Center Ruder of Archer & Greiner helps PPA quickly seal $46M lease deal

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LLC , identified the Mellon build- ing space as a potential alterna- tive. Ruder served as the PPA’s chief drafter and negotiator for the transaction. He worked in close consultation with PPAman- agement, in particular Deputy Executive Director Richard D. Dickson Jr. “It was a result of Jay’s efforts that we were able to negotiate a lease in less than a week,” Dickson said. “He knew the issues important to us, commu- nicated quickly and effectively with the landlord’s counsel, and provided reasonable solutions to unresolved issues.” Ruder concentrates his practice on real estate law, representing global, regional and local businesses and institutions in transactions, tax assessment, land use and condemnation cases. ■ Photo provided by Brickstone Realty

HILADELPHIA, PA — The Philadelphia Park- ingAuthority (PPA) has

inked a $46 million deal to lease space for a Center City headquarters, a 2 5 - y e a r a g r e e m e n t with 30 years of renewal op- tions that was

Jay S. Ruder

negotiated and signed in less than a week under the guidance of the PPA’s attorney, Jay S. Ruder of Archer & Greiner P.C. Under the lease, the PPA will occupy 77,000 s/f on the fourth and fifth floors and part of the sub-basement of the Mellon Inde- pendence Center at 701 Market Street, the former Lit Brothers building that now houses BNY Mellon as its main tenant. Once LYNCHBURG, VA — SSH Real Estate has expanded its footprint in the past quarter, ar- ranging four investment trans- actions for properties stretching fromLynchburg, VA; to Erie and Harrisburg, PA; to the resort town of Snowshoe, WV. While SSH cannot release individual sale prices, the cumu- lative value of the four transac- tions exceeds $23 million. In the first transaction, SSH represented an affiliate of BPG Properties, Ltd in the sale of a 172,759 s/f, net leased indus-

13A

Mellon Independence Center

Professional Services Section B Shopping Centers featuring NY ICSC Deal Making

the new space is renovated for the PPA, scheduled for comple- tion in the early fall of 2013, the Authority will relocate its offices from 3101 Market Street and consolidate office operations at

701 Market. The lease arrangement ensued after negotiations on a different location failed to yield an agree- ment, and the PPA’s broker, Tactix Real Estate Advisors

SSH Real Estate expands footprint with 4 investment transactions valued at over $23M

Mid Atlantic R EAL E STATE J OURNAL P ROFESSIONAL S ERVICES FEATURING T HE R OAD TO R ECOVERY

MidAtlantic RealEstateJournal—ProfessionalServices—November23-December6,2012—SectionC

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DawnBernstel IBS

ArmandChristopher Jr. USAArchitects

LawrenceM.DiVietro Jr., PLS,PP,AICP LandDimensionsEngineering

AndrewGoldberg,CR,WLS RestoreCore

JeffreyHall FoxRothschild LLP

KimberlyHicks EWMA

ChrisHillmann Hillmann

DavidHirschman DavidHirschman RealtyCompany, Inc.

Leo Leyva ColeSchotz

BruceA. Johnson, CEM,BedfordStrategies andSolutions

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DavidN. Johnson TheAztecCorporation

KurtKalafsky TheAztecCorporation andAztecArchitects

Charles Logan TheAztecCorporation

NicholasF.Talvacchia Cooper Levenson, Attorneys at Law

KarlW.Stefan EdificeRx

JeanneAnn McManus,Esq., Weiner Lesniak LLP

KatherineE.Wilde EdificeRx

Section C

Directory

Sawmill Village

Auction Directory ......................... 4-5A Owners, Developers & Managers 7-24A Green Buildings ........................ 13-19A People on the Move ...................... 26A Calendar of Events......................... 28A Shopping Centers .................. Section B Professional Services ............. Section C

trial property near Lynchburg, VA. The property was sold to Stag Industrial of Boston and featured a long term net lease to Hunter Defense Technolo- gies. Dan Mayock and Adam Gillespie quarterbacked the marketing for SSH and were assisted locally by John Les- inski and Joshua Gurland of Leland Group Commercial Real Estate. In the second transaction Doug Newbert , a partner in SSH’s Suburban Division, rep- resented a 1031 exchange inves-

tor in the purchase of two net- leased buildings totaling 77,626 s/f. The properties consisted of a Fedex Ground warehouse in Erie, PA and a CVS located in Harrisburg, PA. In Snowshoe,WV, SSH Real Estate handled the court-ap- pointed bankruptcy liquidation of the mortgage note backed by 88 partially-improved home building sites at Sawmill Vil- lage. The sites feature ski- in/ski-out access to Snowshoe Mountain’s 60 trails. Completed luxury homes in Sawmill Village

had sold for as much as $3.2 million within the private, gated development. The appraised value of the remaining lots had beenmore than $27 million prior to the recession. Adam Gillespie, senior vice president of the Investment Services team at SSH, handled the auction and liquidation on behalf of the bankruptcy court. Martha Giddings of ReMax Old Spruce Properties in Slatyfork, WV provided local ex- pertise to assist SSHReal Estate in the marketing process. ■

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